Fielmann reported strong preliminary results for FY24, meeting its outlook and consensus expectations. Sales increased by 15% to EUR 2.3bn, driven by 7% organic growth and an 8% contribution from US acquisitions. Core markets in Central Europe showed solid growth, with Germany (+7%), Austria (+10%) and Spain (+10%) performing well. The US business grew by 11% on a comparable basis to reach sales of EUR 200m. All product categories expanded, with strong growth in corrective eyewear (+7%), sunglasses (+6%) and hearing instruments (+10%). Adjusted EBITDA rose by 23% to EUR 491m, with margins improving to 21.7%. Fielmann plans a dividend increase of 15% and remains focused on achieving its Vision 2025 profitability targets. mwb research’s analysts maintain their BUY rating and their PT of EUR 66.00. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

While Hensoldt will benefit from rising defense budgets, its exposure is limited compared to larger, more diversified players like Rheinmetall. Sensors and electronics, Hensoldt’s core business, are important but not the priority in today’s rearmament wave, which favors ammunition, drones, and armored vehicles. Despite ambitious revenue targets, even mwb research’s optimistic CAGR´s fall well below faster-growing peers like Rheinmetall. Long-term, Hensoldt faces limited follow-up demand for key products like the TRML-4D radar and lacks transformative new programs to drive post-2030 growth. With the stock rallying 32% in one month, and trading in line with Rheinmetall — despite weaker growth prospects — mwb research’s analysts downgrade from HOLD to SELL with an unchanged price target of EUR 48.00. The full update can be downloaded under https://www.research-hub.de/companies/Hensoldt%20AG.

Vulcan Energy continues to push forward with its lithium and geothermal energy strategy, successfully mobilizing its V20 drilling rig at the Schleidberg site and launching seismic surveys for BASF’s geothermal project in Ludwigshafen. Despite project financing still in progress, Vulcan maintains strong operational momentum, supported by a solid cash position of EUR 97.1m. With drilling underway and seismic data shaping future expansion, the company remains on track to advance its Phase One execution. mwb research’s analysts reiterate their PT of EUR 12.50 and their BUY rating, reflecting their confidence in Vulcan's ability to fully secure project financing. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

BASF reported detailed results for FY 24 that were in line with its preliminary release. Full-year revenues of EUR 65.3bn (-5.3% yoy) were weighed down by lower average sales prices and adverse FX. EBITDA excluding special items (ex-SI) grew only marginally to EUR 7.9bn (+2.4% yoy). However, volumes have been gradually recovering over the past few quarters and prices are stabilising. Management has guided for a modest increase in EBITDA ex-SI to EUR 8.0bn-8.4bn in FY 25 (+4% yoy at the mid point). It is on track with its EUR 2.1bn annual cost savings plan (by FY 26), has tapered its capex guidance, and is now committed to keep the overall distribution to shareholders (dividends+ share buybacks) at least at prior-year levels, targeting cumulative returns of at least EUR 12bn over 2025-28. mwb research’s analysts hold a positive view on BASF. The analysts believe its strategy-centered on portfolio optimisation, expansion in high-growth markets, and robust cost-saving initiatives, will position the company for a sustainable and resilient trajectory. The analysts maintain their BUY rating at an unchanged PT of EUR 58.00. The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

Europe is stepping up defense spending to reduce reliance on the US following the Oval Office discussions on Friday. Rheinmetall is well positioned to benefit, thanks to its scale, leadership in ammunition, tanks, air defense, and drones, and aggressive production expansion. Its fully integrated 155mm production makes it Europe’s lowest cost supplier, with ~25% margins and a ~20% price advantage over competitors. If EU defense spending rises to 3% of GDP, Rheinmetall’s revenues could reach ~EUR 40bn by 2033, with further upside from sector consolidation and Germany’s potential EUR 200bn special defense fund. mwb research’s analysts raise their price target to EUR 1,280.00 (previously EUR 1,115.00) and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

MS Industrie announced a significant step forward in its off-road diversification, with its subsidiary MS XTEC securing a major contract extension at the beginning of the year. The agreement, effective through 2030 for both Europe and the US, includes an expanded product portfolio and is projected to generate over EUR 100m in business over the next six years. This achievement is especially important as MS Industrie remains largely dependent on the on-road truck market, which contributes 71% of its revenue. The company plans to reduce this dependency to 50% by 2030. With signs of recovery in the on-road market, marked by increasing demand and low truck inventories, growth may surpass expectations. mwb research’s analysts maintain their BUY rating and target price of EUR 2.40, with potential for upward revisions should the recovery gain momentum. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Viromed provided an update on the progress of its two main products, ViroCAP and PulmoPlas. The classification of ViroCAP as a Class 2a medical device is on track, with certification expected in 2025. The device, which uses Cold Atmospheric Plasma (CAP) technology to treat wounds, has antimicrobial properties that can inactivate viruses, bacteria, germs and spores. Series production of ViroCAP will begin with an initial batch of 1,000 units for dermatology and veterinary medicine, manufactured in partnership with relyon plasma (TDK Electronics). Meanwhile, PulmoPlas, designed to prevent and treat ventilator-associated pneumonia (VAP) in intensive care, is also progressing as expected. A study led by Prof. Hortense Slevogt is expected to be completed in Q2 2025, after which Viromed plans to apply for special approval from the German Federal Institute for Drugs and Medical Devices in Q3 2025. Given the strong commercialization prospects of Viromed’s CAP technology, mwb research’s analysts reiterate their Spec. BUY rating with a target price of EUR 6.90. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

KION reported detailed Q4 and FY 24 numbers that were in line with the preliminary release. Management sees FY 25 as a “look-through” year for Industrial Trucks & Services (IT&S), with slightly improving new truck volumes, anticipating a slowdown in EMEA, a stable growth rate in APAC, and a recovery in the Americas. For the Supply Chain Solutions (SCS) business, it estimates better profitability on tapering legacy projects and better execution. For FY 25, Kion guides for group revenues to come in at c.EUR 10.9bn-11.7bn (-5% to +2% yoy) and adj. EBIT of EUR 720m-870m (-21% to -5% yoy) with lower adj. EBIT at IT&S, partly offset by higher results from SCS. It also confirmed its efficiency programme, which is expected to result in annual cost savings of EUR 140m-160m from FY 26 onwards. This should somewhat counter the negative sentiment around sluggish European demand and increasing Chinese competition. mwb research’s analysts only finetune their estimates and maintain their PT at EUR 46.00. The analysts confirm their BUY rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/Kion%20Group%20AG

Beiersdorf reported organic sales growth of 6.3% yoy in Q4 24 vs consensus of +6.7%, registering an 8.2% yoy org. increase in the consumer segment, partly offset by a 2.0% yoy org. drop at tesa. For the full year, the company reported org. sales growth of 6.5% yoy (cons. +6.6%) and adj. EBIT of EUR 1.37bn (in line) – corresponding to a margin of 13.9% (in line; +50bps yoy) – all meeting management guidance. In FY25, Beiersdorf expects to achieve above-market top-line growth and is guiding for group org. sales growth of 4-6% yoy and the adj. EBIT margin to be slightly higher yoy. While these numbers were a tad lower than cons. of 5.6% yoy and 14.3%, respectively, they are still reassuring, given the planned inventory adjustments in China ahead of the Thiamidol launch. mwb research’s analysts continue to view Beiersdorf as an attractive play in the global skin care market, given its brand strength, steady market share expansion, and the successful rollout of innovations such as the Epicelline® anti-aging serum and its recent resilient performance. The analysts see better profit momentum beyond FY26 and increase their PT to EUR 146.00 (old: EUR: 143.00). mwb research reiterates its BUY rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/Beiersdorf%20AG

Scout24 SE continued to witness healthy business momentum in Q4 2024, with both revenue and ordinary operating (op.) EBITDA coming broadly in line with consensus at EUR 147m (+11% yoy) and EUR 91m (+15% yoy), respectively. Reported revenue benefitted from a record high subscription base and the resultant acceleration in subscription revenue. On the other hand, op. EBITDA growth was largely supported by operating leverage and the successful execution of a streamlining/interconnectivity strategy. The business remains highly cash generative, returning EUR 24m in Q4 2024 (+12% qoq) to shareholders in buy-backs despite acquiring neubau kompass in November. Scout24 expects the strong momentum to continue into FY 2025, with double-digit revenue growth of 12%-14% yoy and up to a 50bps yoy improvement in the op. EBITDA margin. Moreover, its medium-term growth target remains promising and on track. mwb research’s analysts reiterate their HOLD rating at a revised PT of EUR 88.00 (old: EUR 81.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE